ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -The U.S. has a mixed economy, exhibiting characteristics of both capitalism and socialism. Such a mixed economy embraces the free market when it comes to capital use, but it also allows for government intervention for the public good.

Detailed explanation-2: -The U.S. economy is a free enterprise system. That means that individuals-and not the government-own most of our country’s resources. Free enterprise also means that supply and demand determine how our resources are used.

Detailed explanation-3: -The US economy is sometimes referred to as a modified free enterprise system because it is a mixed economy based on the market system that includes some government protections, provisions, and regulations.

Detailed explanation-4: -There are many different types of economic systems used throughout the world. Some examples are socialism, communism, and capitalism. The United States has a capitalistic system.

Detailed explanation-5: -Mixed Economy. In a mixed or modified free enterprise economy, people and businesses carry out their economic affairs freely, but are subject to some government intervention and regulation.